Multilateral banks develop report on SDGs

By Tanko Mohammed

Twelve Multilateral Development Banks (MDBs), including the African Development Bank (AfDB), have developed and inaugurated a joint report to accelerate the achievement of the Sustainable Development Goals (SDGs) by 2030.

According to a statement from the bank on Friday, a group of MDBs and the International Monetary Fund (IMF) inaugurated a first-ever joint report on financing the SDGs.

The inauguration took place at a virtual ceremony attended by the heads of the institutions on Thursday.

The report is titled: “Financing the Sustainable Development Goals: The Contributions of the Multilateral Development Banks’’.

The Islamic Development Bank (ISDB) Group led the compilation of the report.

Mr Bandar Hajjar, President, ISDB said the world had entered a “Decade of Action” to achieve the SDGs with only 10 years to go before 2030.

Hajjar said it was in this context the MDBs and the IMF came together to highlight efforts to support countries in achieving the SDGs, by providing finance, technical assistance, policy support, and knowledge.

The ISDB president said the pandemic highlighted the fragility of the progress countries had made toward the SDGs.

He further underlined the importance of resilient development through a stronger focus on achieving the SDGs.

“Together, the heads of MDBs have reflected on opportunities to strengthen their support for this vital agenda at this critical time.

“We recognise the urgency to achieve the 2030 Agenda through the work that needs to go into building a more resilient post-COVID-19 world.

“This report features our efforts related to each of the 17 SDGs, reflecting our respective mandates and comparative advantages. Unlike commercial banks, the MDBs seek to maximise development impact rather than profits.

“We all agree that the investment required to achieve the SDGs vastly exceeds what the public sector can be expected to deliver.”

The President of AfDB, Dr Akinwumi Adesina said the joint report reflected the collective engagement and commitment toward accelerating progress of the SDGs.

“To accelerate Africa’s development, we will continue joining investment hands across the globe.

“These are very extraordinary times. We will need to have audacious leadership, we will need to have audacious partnerships, and we will need to have audacious financing systems,” Adesina said.

According to the report, the crisis triggered by the COVID-19 pandemic has threatened to reverse progress against the SDGs.

“National and global leaders have recognised the opportunity and responsibility to ensure that recovery efforts support the SDGs,’’ the report said.

The report further highlights selected examples of initiatives related to the 17 SDGs and efforts to “mobilise finance, create knowledge, and build capacity” for countries for their achievement.

It showcases examples of how their financing directly contributes to advancing SDGs that empower people, protect the planet, foster prosperity for all, and develop sustainable quality infrastructure.

The organisations partnering on the report are AfDB, Asian Development Bank, Asian Infrastructure Investment Bank, Council of Europe Development Bank and European Bank for Reconstruction and Development.

Others are European Investment Bank, IDB Group, IMF, ISDB Group, New Development Bank and the World Bank Group (World Bank, IFC, MIGA).